Loc Troi Group's rice product. The company expects to increase sales of branded rice products by three times this year. — Photo giagao.com

The An Giang Province-based Loc Troi Group has targeted total revenue of VND8.84 trillion (US$379.4 million) for 2020, an increase of 1.4 per cent from 2019.

The firm's net profit target is VND430 billion ($18.5 million), up 28.4 per cent from last year.

The company expects to increase sales of branded rice products by three times this year with the aim of diversifying export markets, focusing on the EU, Africa the Philippines and China.

The company plans to increase its market shares for high-quality rice varieties and hybrid varieties.

In addition, it will also promote hybrid corn and vegetable seeds and add more temperate vegetables to expand its domestic reach.

The company plans to expand its distribution network to secondary agents through its monthly reward points and cashback programmes.

It will also focus on standardising production process, especially purchasing input materials, to manage inventories, increasing control over technical standards and optimising machinery utility. — VNS